Inland Real Estate Income Trust acquires Dogwood Festival Shopping Center
Flowood, Miss. — Inland Real Estate Income Trust, Inc. has purchased the 187,610-square-foot Dogwood Festival Shopping Center located in Flowood, Mississippi, approximately 10 miles northeast of Jackson, Mississippi.
Constructed in 2002, the center is 97.8% leased to 36 tenants, including T.J. Maxx, HomeGoods, Old Navy, Gap, Men’s Wearhouse, Hibbett Sports and several other national tenants. The property is shadow-anchored by Belk, an upscale department store, which was not acquired.
Schostak Brothers acquires 23-center portfolio
Livonia, Michigan— Schostak Brothers & Company, Inc. announced the acquisition of 23 shopping centers from Coldwater Liquidating Trust. The purchase is part of a bankruptcy liquidation in which Schostak Brothers purchased the majority of the remaining Coldwater Liquidating Trust portfolio, totaling 405,000 sq. ft.
The 23 shopping centers span 19 states, and is the third acquisition of Super Walmart shopping centers in less than a year.
Five other centers purchased in 2013 were also acquired through the same bankruptcy, and one was purchased from an individual property seller. These recent acquisitions total 29 properties for 497,738 sq. ft.
“We’ve monitored this bankruptcy for several years and are looking forward to the continued expansion and diversification of our portfolio as a result of this sizeable retail acquisition,” said David Schostak. CEO, Schostak Brothers & Company. “The 23 shopping centers are currently 82% occupied and position us to capture a significant upside through lease-up potential.”
In recent years, Schostak Brothers has assembled a sizeable portfolio of Wal-Mart shadow-anchored centers, now totaling 63 properties and more than 1.4 million sq. ft.
Belk to make Juban Crossing debut this summer
Denham Springs, La. — Belk will open a 75,000-sq.-ft. store in Denham Springs, Louisiana, near Baton Rouge, that will become the first department store anchor at the regional lifestyle center at Juban Crossing. The grand opening is slated for October 15.
The new, $7-million store will feature the latest retail design and décor for the Charlotte, North Carolina chain.
“The store will represent the best of the Belk brand and our modern, southern, style,” said Jan Clevenger, chair of the Belk Western Division based in Birmingham, Ala. “We look forward to providing the top brands, the best in service and a deep commitment to this community.”